Authorizing Financial Transactions

ABSTRACT

A system for authorizing a financial transaction includes a processor operable to execute an application on a wireless communications device, communicate wirelessly with a data stripe through a security enabled wireless communications protocol, receive a request to authorize a financial transaction involving a financial account associated with account data, access authorization criteria for determining whether to authorize the financial transaction, apply the authorization criteria to the financial transaction, generate an authorization code based on the application of the authorization criteria to the financial transaction, and communicate the authorization code.

TECHNICAL FIELD OF THE INVENTION

This invention relates generally to financial transactions, and moreparticularly to authorizing financial transactions involving data stripereaders.

BACKGROUND OF THE INVENTION

Financial accounts (e.g., credit and debit accounts) are often subjectto fraudulent transactions. Enterprises employ security measures, suchas card verification values (CVV) and personal identification numbers(PIN), to authorize financial transactions, however, these measures arenot always sufficient to prevent fraudulent transactions.

SUMMARY OF THE INVENTION

According to embodiments of the present disclosure, disadvantages andproblems associated with authorizing financial transactions may bereduced or eliminated.

In certain embodiments, a system for authorizing a financial transactionincludes a processor operable to execute an application on a wirelesscommunications device, communicate wirelessly with a data stripe througha security enabled wireless communications protocol, receive a requestto authorize a financial transaction involving a financial accountassociated with account data, access authorization criteria fordetermining whether to authorize the financial transaction, apply theauthorization criteria to the financial transaction, generate anauthorization code based on the application of the authorizationcriteria to the financial transaction, and communicate the authorizationcode.

Certain embodiments of the present disclosure may provide one or moretechnical advantages. In certain embodiments, an application, executedby a processor of a wireless communications device communicativelycoupled to a data stripe that communicates account data to a data stripereader, may enable or disable the data stripe from communicating accountdata, change the account data communicated by the data stripe, and/orgenerate an authorization code for a financial transaction. A technicaladvantage of an embodiment is that the application may require apasscode to be entered through a user interface of the wirelesscommunications device before enabling the data stripe to communicateaccount data to a data stripe reader, before communicating account datato the data stripe, and/or before generating an authorization code for afinancial transaction, thereby providing passcode security to financialtransactions. Another technical advantage is that the application maychange account data communicated by the data stripe and/or theauthorization code for different transactions, thereby preventingmalicious entities from using the account data and/or authorization codeto make fraudulent transactions. Yet another technical advantage is thatthe application may receive criteria for authorizing a financialtransaction, thereby providing authorized account users and enterprisesflexibility in implementing security measures.

Certain embodiments of the present disclosure may include some, all, ornone of the above advantages. One or more other technical advantages maybe readily apparent to those skilled in the art from the figures,descriptions, and claims included herein.

BRIEF DESCRIPTION OF THE DRAWINGS

To provide a more complete understanding of the present invention andthe features and advantages thereof, reference is made to the followingdescription taken in conjunction with the accompanying drawings, inwhich:

FIG. 1 illustrates a block diagram of an embodiment of a system forauthorizing financial transactions;

FIGS. 2A-C illustrate embodiments of a wireless communication devicecommunicatively coupled to a data stripe;

FIG. 3 illustrates a table of embodiments of data that may becommunicated during a financial transaction; and

FIG. 4 illustrates a method for authorizing financial transactions.

DETAILED DESCRIPTION OF THE INVENTION

Embodiments of the present invention and its advantages are bestunderstood by referring to FIGS. 1 through 4 of the drawings, likenumerals being used for like and corresponding parts of the variousdrawings.

FIG. 1 illustrates a block diagram of an embodiment of system 100 forauthorizing financial transactions. According to an embodiment, system100 includes network 102, one or more wireless communications devices110, enterprise 120, and one or more retailers 150. Wirelesscommunications device 110 may include processor 112, memory 114,interface 116, and data stripe 118. Enterprise 120 may includeapplication 130 and authorization module 140, which comprises, processor142, memory 144, and interface 146. Retailers 150 may include one ormore data stripe readers 160 comprising processor 162, memory 164, andinterface 166. In an embodiment, one or more wireless communicationsdevices 110, application 130, authorization module 140, and one or moreretailer data stripe readers 160 are communicatively coupled to network102.

According to certain embodiments, application 130 receives a request toauthorize a financial transaction involving a financial accountassociated with data stripe 118 (e.g., a financial account associatedwith account data accessible by data stripe 118), authorizes thefinancial transaction, generates an authorization code if application130 authorizes the financial transaction, and communicates theauthorization code. Application 130 may communicate the authorizationcode to authorization module 140 over network 102 using wirelesscommunications device 110.

Components of system 100, such as wireless communications devices 110,data stripe readers 160, and/or authorization module 140, may includeone or more of a processor, a memory, an interface, and logic. Aprocessor represents any computing device, such as processors 112, 142,and 162, configured to control the operation of one or more componentsof system 100. A processor may comprise one or more processors and maybe a programmable logic device, a microcontroller, a microprocessor, anysuitable processing device, or any suitable combination of thepreceding. A processor includes any hardware and/or software thatoperates to control and process information received by a component ofsystem 100. In certain embodiments, a processor communicatively couplesto other components of system 100, such as a memory (e.g., memories 114,144, and 164), an interface (e.g., interfaces 116, 146, and 166), amodule (e.g., financial services module 140), or any other suitablecomponent.

A memory represents any device, such as memories 114, 144, and 164,operable to store, either permanently or temporarily, data, operationalsoftware, or other information for a processor. Memory includes any oneor a combination of volatile or non-volatile local or remote devicessuitable for storing information. For example, a memory may includerandom access memory (RAM), read only memory (ROM), magnetic storagedevices, optical storage devices, semiconductor storage devices, or anyother suitable information storage device or a combination of thesedevices. A memory may include any suitable information for use in theoperation of component of system 100. A memory may further include someor all of one or more databases.

In certain embodiments, memory 114 of wireless communications device 110includes application 130 and/or authorization criteria 132. Memory 144of authorization module 140 may also include authorization criteria 132.Authorization criteria 132 may include any suitable criteria thatindicates that a financial transaction is authorized by an authorizedaccount user. Authorization criteria 132 may be established by anauthorized user of a financial account and/or a financial servicesprovider (e.g., enterprise 120) associated with a financial account.

An interface represents any device, such as interfaces 116, 146, and166, operable to receive input, send output, process the input and/oroutput, and/or perform other suitable operations for a component ofsystem 100. An interface includes any port or connection, real orvirtual, including any suitable hardware and/or software, includingprotocol conversion and data processing capabilities, to communicatethrough network 102. In certain embodiments, an interface includes auser interface (e.g., physical input, graphical user interface,touchscreen, buttons, switches, transducer, or any other suitable methodto receive input from a user).

Logic may perform the operation of any component of system 100, forexample, logic executes instructions to generate output from input.Logic may include hardware, software, and/or other logic. Logic may beencoded in one or more non-transitory, tangible media, such as acomputer-readable medium or any other suitable tangible medium, and mayperform operations when executed by a computer and/or processor. Certainlogic, such as a processor, may manage the operation of a component.

Network 102 represents any suitable network operable to facilitatecommunication between components of system 100, such as wirelesscommunications device 110, application 130, authorization module 140,and/or data stripe reader 160. Network 102 may include anyinterconnecting system capable of transmitting audio, video, electricalsignals, optical signals, data, messages, or any combination of thepreceding. Network 102 may include all or a portion of a public switchedtelephone network (PSTN), a public or private data network, a local areanetwork (LAN), a metropolitan area network (MAN), a wide area network(WAN), a local, regional, or global communication or computer network,such as the Internet, a wireline or wireless network, an enterpriseintranet, or any other suitable communication link, includingcombinations thereof, operable to facilitate communication between thecomponents of system 100.

Wireless communications device 110 represents a device operable tocommunicate wirelessly over network 102 with components of system 100.In an embodiment, wireless communications device 110 includes processor112, memory 114, and interface 116. In particular embodiments, wirelesscommunications devices 110 may communicate wirelessly with enterprise120, application 130, authorization module 140, data stripe reader 160,and/or any other suitable component of system 100. Wirelesscommunication devices 110 may include laptop computers, desktopcomputers, personal digital assistants (PDAs), mobile phones, tablets,and/or portable media players, or other device capable of wirelesscommunication.

According to certain embodiments, wireless communications device 110 iscommunicatively coupled to data stripe 118. Data stripe 118 represents acomponent operable to communicate account data to data stripe reader160. Data stripes 118 may include magnetic stripes, such as those foundon credit or debit cards, dynamic programmable stripes such as thosefound on dynamic cards, or any other storage medium operable tocommunicate account data to data stripe reader 160. Account datarepresents any data that may identify a financial account, identify anauthorized user of a financial account, indicate authorization to use afinancial account, be utilized in executing a financial transactioninvolving a financial account, or is otherwise associated with afinancial account (e.g., account number, expiration date, cardverification value (CVV), pin number, discretionary data, or other dataassociated with a financial account). In an embodiment, financialaccounts associated with account data accessible by data stripe 118 areassociated with data stripe 118. Data stripe 118 may be enabled to, ordisabled from, communicating account data to data stripe reader 160. Incertain embodiments, data stripe 118 communicates different account datafor different transactions. Data stripe 118 may further communicateaccount data associated with a plurality of financial accounts, such asone or more credit, debit, checking, savings, or other financialaccounts. In an embodiment, data stripe 118 is a programmable datastripe, wherein the account data communicated by data stripe 118 isdynamic and can be changed at any time.

Enterprise 120 represents an entity that operates application 130 and/orauthorization module 140. Enterprise 120 may refer to a financialservices provider (e.g., a lender, a bank, a retailer, a credit cardcompany, or any other enterprise 130 that provides financial services),however, enterprise 120 represents any suitable type of entity.Enterprise 120 may have different business units, or subdivisions thathandle different business activities. In an embodiment, enterprise 120includes application 130 and authorization module 140 comprisingprocessor 142, memory 144, and interface 146.

Application 130 represents software operable to execute on wirelesscommunications device 110 that may authorize financial transactionsinvolving a financial account associated with data stripe 118 (e.g., afinancial account associated with account data accessible by data stripe118). Application 130 may execute on wireless communications device 110from local memory (e.g., memory 114) or from a remote memory location(e.g., a cloud environment). In an embodiment, application 130 is partof enterprise 120 and communicates with authorization module 140 toauthorize financial transactions between account users and retailers150. For example, authorization module 140 may not authorize a financialtransaction involving a financial account associated with account dataunless application 130 communicates an authorization code toauthorization module 140 indicating that application 130 has authorizethe transaction.

In certain embodiments, application 130 receives a request to authorizea financial transaction involving a financial account associated withdata stripe 118 (e.g., a financial account associated with account dataaccessible by data stripe 118). A request to authorize represents anindicator that notifies application 130 that a financial transactioninvolving an account associated data stripe 118 is pending, or that auser of data stripe 118 wants to use data stripe 118 to execute afinancial transaction. For example, a request to authorize may includean indicator communicated to application 130 via the user interface ofwireless communications device 110 indicating that a user wants to usedata stripe 118 to execute a financial transaction. As another example,an indicator is communicated to application 130 from enterprise 120indicating a financial transaction involving a financial accountassociated with data stripe 118 is pending. As yet another example, anindicator is communicated to application 130 from a sensorcommunicatively coupled to wireless communications device 110 or datastripe 118. The indicator indicates data stripe 118 communicated accountdata to data stripe reader 160, or any other suitable indicator. Arequest to authorize may occur in response to a pending transactioninvolving a financial account associated with data stripe 118 and/or inpreparation to initiate a transaction a financial account associatedwith data stripe 118.

In response to a request to authorize, application 130 may accesscriteria 132 for authorizing a financial transaction. Authorizationcriteria 132 may include any suitable criteria that indicates that afinancial transaction is authorized by an authorized account user.Authorization criteria 132 may be established by an authorized user of afinancial account and/or a financial services provider (e.g., enterprise120) associated with a financial account. Authorization criteria 132 mayinclude a maximum financial transaction amount, where the financialtransaction is authorized if the financial transaction amount is belowthe maximum financial transaction amount. Authorization criteria 132 mayfurther include one or more retailers, where the financial transactionis authorized if it involves the one or more retailers, or one or morelocations, where the financial transaction is authorized if thefinancial transaction occurs within the one or more locations. Incertain embodiments, authorization criteria 132 includes criteria forrequesting a passcode to authorize a financial transaction.

Application 130 may authorize a financial transaction by requesting apasscode to be communicated through a user interface of wirelesscommunications device 110 (e.g., prompting a wireless communicationsdevice user to enter a passcode). Application 130 may receive a passcodethrough the user interface of wireless communications device 110 andauthenticate the received passcode (e.g., verify that the receivedpasscode corresponds to an authorized passcode). A passcode may be acode known only to authorized users of the financial account associatedwith data stripe 118 (e.g., a pin number), an indicator communicated viaa user interface of wireless communications device 110 communicativelycoupled to data stripe 118, or any other indicator suitable to indicateto application 130 that an authorized account user approves thefinancial transaction.

Application 130 may request a passcode to enable data stripe 118 tocommunicate account data to data stripe reader 160. If application 130does not receive an authorized passcode, application 130 may disabledata stripe 118 by locking it in a physical position such that it cannotbe read by data stripe reader 160, by not powering the data stripe, bynot communicating account data to data stripe 118, by not communicatingan authorization code, or by any other method of disabling data stripe118 from, or failing to enable data stripe 118, to execute a financialtransaction.

Application 130 may authorize the financial transaction in any suitablemanner to verify that the financial transaction involves an authorizeduser of the financial account involved in the financial transaction.Application 130 may authorize the financial transaction by verifyingthat data stripe 118 is physically located within a maximum distancefrom wireless communications device 110. For example, application 130may verify that data stripe 118 is physically connected to wirelesscommunications device 110 (e.g., through an integrated wired connectionor through a physical communications port) or communicating withwireless communications device 110 through a short range wirelesscommunications protocol (e.g., Bluetooth®, near field communications(NFC) protocol, or radio frequency identification (RFID) protocol).Application 130 may also authorize a financial transaction by verifyingthat data stripe 118 has communicated the account data involved in thefinancial transaction. In certain embodiments, application 130 mayverify that data stripe 118 was physically located in the area of thefinancial transaction at the time of the transaction, for example, byreceiving location data (e.g., coordinates from a global positioningsystem (GPS) sensor, triangulation coordinates from mobile phone towers,data indicating that wireless communications device 110 was communicatedwith a network component with a known location such as a wireless routeror mobile communications tower, or any other data operable to determinethe location of wireless communications device 110 and/or data stripe118).

Application 130 may additionally change the account data communicated bydata stripe 118 to data stripe reader 160 for different transactions.For example, application 130 may change account number, expiration date,card verification value (CVV), discretionary data, and/or other data. Inan embodiment, application 130 may change the data communicated by datastripe 118 for every transaction, for transactions at differentretailers 150, for transactions in different locations, or for any othersuitable reason. Application 130 may further communicate account data todata stripe 118 associated with a plurality of different financialaccounts.

Authorization module 140 represents a component of system 100 thatauthorizes financial transactions involving a financial accountassociated with account data accessible by data stripe 118.Authorization module 140 includes processor 142, memory 144, andinterface 146. Authorization module 140 may authorize financialtransactions based on criteria 132 established by enterprise 120 and/oran authorized financial account user. Authorization module 140 mayperform the functions of an acquirer, a credit or debit card network,and/or a credit or debit card issuer (e.g., enterprise 120). In certainembodiments, a financial transaction cannot be completed untilauthorization module 140 authorizes the transaction. In an embodiment,whether authorization module 140 receives an authorization code fromapplication 130 is criteria 132 considered by authorization module 140in determining whether to authorize the financial transaction.

In some embodiments, authorization module 140 may execute any suitableoperating system such as IBM's zSeries/Operating System (z/OS), MS-DOS,PC-DOS, MAC-OS, WINDOWS, a .NET environment, UNIX, OpenVMS, or any otherappropriate operating system, including future operating systems. Thefunctions of authorization module 140 may be performed by any suitablecombination of one or more servers or other components at one or morelocations. In an embodiment where authorization module 140 is a server,the server may be a private server, and the server may be a virtual orphysical server. Additionally, authorization module 140 may include anysuitable component that functions as a server.

Retailers 150 represent entities that offer goods and/or services for auser to purchase, rent, lease, buy, or otherwise acquire. Retailer 150may include a retailer, a wholesaler, a service company, or any othersuitable entity that has customers and conducts transactions with thecustomers. Retailer 150 includes one or more data stripe readers 160comprising processor 162, memory 164, and interface 166. Data stripereader 160 represents a device operable to receive account data fromdata stripes 118, such as a point-of-sale magnetic stripe reader, orother device operable to facilitate a financial transaction between aretailer 150 and a financial account user.

In an exemplary embodiment of operation, wireless communications device110 is communicatively coupled to data stripe 118. Data stripe 118 maybe operable to communicate account data (e.g., credit card number, debitcard number, expiration date, card verification value, pin number,discretionary data, or other data relating to a financial account) toone or more data stripe readers 160 at retailer 150. In the embodiment,wireless communication device 110 is operable to execute application130. Application 130 may receive a request to authorize a financialtransaction involving a financial account (e.g., credit or debitaccount) associated with data stripe 118. In response to a request toauthorize, application 130 may authorize the financial transaction inany suitable manner, such as those discussed above. If application 130authorizes the financial transaction, application 130 may generate anapproved authorization code indicating application 130 was able toauthorize the financial transaction, and communicate the authorizationcode to authorization module 140. If application 130 is not able toauthorize the financial transaction, application 130 may communicate anunapproved authorization code indicating that application 130 was notable to authorize the financial transaction, or application 130 may notcommunicate any indicator.

In certain embodiments, application 130 changes the approvedauthorization code and/or unapproved authorization code based on thetransaction. For example, application 130 may communicate differentcodes for every transaction, for different retailers 150, for differentlocations, or any other suitable criteria. In certain embodiments,application 130 communicates approved and/or unapproved authorizationcodes to authorization module 140 over network 102. Application 130 mayutilize wireless communications device 110 and/or data stripe 118 towirelessly communicate an authorization code. Application 130 maycommunicate an authorization code to authorization module 140, orapplication 130 may communicate an authorization code using data stripe118 to data stripe reader 160, which may communicate the authorizationcode to authorization module 140.

Modifications, additions, or omissions may be made to system 100. System100 may include more, fewer, or other components. Any suitable componentof system 100 may include a processor, interface, logic, memory, and/orother suitable element.

FIGS. 2A-C illustrate embodiments of wireless communication device 110communicatively coupled to data stripe 118. FIG. 2A illustrates wirelesscommunications device 110 a. Wireless communications device 110 acommunicates with data stripe 118 a via wired connection 210. Wiredconnection 210 represents physical communications or power connectionfrom wireless communications device 110 a to data stripe 118 a (e.g.,integrated circuitry, fiber optic, electrical connection, or otherphysical communications or power connection). Wired connection 210 maybe enclosed in a housing of wireless communications device 110 a and/ordata stripe 118 a. Wired connection 210 may include wired communicationsport 220.

FIG. 2B illustrates wireless communications device 110 b. Wirelesscommunications device 110 b communicates with data stripe 118 b via acoupling of data stripe 118 b to wired communications port 220 ofwireless communications device 110 b. Wired communications port 220represents a physical communications or power connection of wirelesscommunications device 110 b operable to detachably receive a wiredcommunications or power connection (e.g., integrated circuitry, fiberoptic, electrical connection, or other physical communications or powerconnection). Wired communications port 220 may include a headphone port,USB port, electrical charging port, or any other physical port operableto detachably receive a wired communications connection.

FIG. 2C illustrates wireless communications device 110 c. Wirelesscommunications device 110 c communicates with data stripe 118 c via asecurity enabled wireless communication protocol via wirelesscommunications port 230 of wireless communications device 110 c.Wireless communications port 230 represents a wireless communicationsport of wireless communications device 110 c operable to wirelesslycommunicate with an external wireless device, for example data stripe118 c, using a security enabled protocol. A security enabled protocolmay include any type of encryption, short range communications protocol(e.g., near field communication (NFC), radio frequency identification(RFID), or other short range communications protocol with an effectiverange small enough to prevent communicated data from being intercepted).In certain embodiments, data stripe 118 c may be included in a housingfor wireless communications device 110 c (e.g., a protective and/ordecorative case).

Modifications, additions, or omissions may be made to wirelesscommunication devices 110 and/or data stripes 118. Data stripe 118 maypivotably attach to wireless communications device 110 such that datastripe 118 may pivot relative to communications device 110 (e.g., a“switchblade” configuration), slidably attach to wireless communicationsdevice 110 such that data stripe 118 may slide relative to wirelesscommunications device 110, hingeably attach to wireless communicationsdevice 110 such that data stripe 118 may hinge relative to wirelesscommunications device 110, and/or attach in any other suitableconfiguration such that data stripe 118 may be positioned to be read bydata stripe reader 160. In certain embodiments, data stripe 118 may notmove relative to wireless communications device 110.

FIG. 3 illustrates table 300 of embodiments of data that may becommunicated between components of system 100 during a financialtransaction. Table 300 includes retailer ID column 302, transactionamount column 304, account number column 306, expiration date column308, card verification value (CVV) column 310, discretionary data column312, and application authorization code column 314.

Retailer ID column 302 represents an identification code that identifiesretailer 150 involved in the financial transaction. Transaction amountcolumn 304 represents the monetary amount involved in the financialtransaction. Account number column 306 represents an identification codefor a financial account associated with data stripe 118. Expiration datecolumn 308 represents an expiration date associated with the accountnumber. CVV column 310 represents a card verification value associatedwith the account number. Discretionary data column 312 represents datastored on data stripe 118 that may be used for any purpose. In anembodiment, discretionary data is stored in excess storage capacity ofdata stripe 118. For example, data stripe 118 may be operable to store79 character values, but may only have 70 character values worth ofnon-discretionary account data to store. Discretionary data may fill theremaining 9 character values of data on data stripe 118. Applicationauthorization code column 314 represents an authorization codecommunicated by application 130 if application 130 authorizes afinancial transaction.

Rows 316, 318, 320, and 322 represent embodiments of data (e.g., accountdata) communicated by components of system 100 as part of financialtransactions. In the financial transaction represented at row 316, datastripe 118 communicates account number (0123 4567 XXXX 1112), expirationdate (10/20), CVV (001), and discretionary data (000) to data stripereader 160 of retailer 150 as part of a financial transaction, andretailer 150 communicates data received from data stripe 118, retailerID (Retailer 1), and transaction amount ($8.32) over network 102.Application 130 may wirelessly communicate application authorizationcode (LH8F 67U9 7ERT J23Z) using wireless communications device 110 toauthorization module 140 or data stripe reader 160. In an embodiment,retailer 150 and application 130 communicate data to authorizationmodule 140. Authorization module 140 may use the received data as partof an authorization process to determine whether to authorize thefinancial transaction (e.g., whether to guarantee payment to retailer150 of the transaction amount).

In the transaction represented at row 318, application 130 communicatesa different authorization code (XQ4Y 8U92 RC5L 2Y7P) than in thetransaction at row 316. Application 130 can provide increased securityby changing the authorization code for different transactions, therebypreventing entities who may intercept the authorization code from usingit to make fraudulent transactions.

In certain embodiments, data stripe 118 may be a programmable datastripe, and may receive account number, expiration date, CVV,discretionary data, or other data from application 130. Application 130may change this data based on the transaction. In the transactionrepresented at row 320, application 130 changes the account number (13141516 YYYY 1920) communicated by data stripe 118 to data stripe reader160 and changes the authorization code (EMNC 5QT3 ANB2 65JT)communicated by application 130. Application 130 may change any datacommunicated by data stripe 118. For example, in the transactionrepresented by row 322, application 130 changes the account number (22232425 ZZZZ 2829), CVV (024), and discretionary data (012) communicated bydata stripe 118 to data stripe reader 160, as well as changes theauthorization code (MGR3 GNIC 51 ZD SK8R).

By implementing multiple layers of security measures (e.g., requiring apasscode to communicate an authorization code, and changing account datacommunicated by data stripe 118 for different transactions), application130 may increase the security of financial transactions involvingfinancial accounts associated with data stripe 118.

Modifications, additions, or omissions may be made to data communicatedduring a financial transaction. More, fewer, or other data may becommunicated during a financial transaction. Application 130 may changedata communicated by application 130 (e.g., authorization code, accountnumber, expiration date, CVV, and/or discretionary data) for everytransaction, for different retailers 150, for different transactionamounts, or any other suitable criteria.

FIG. 4 illustrates a method 400 of authorizing financial transactions.Method 400 begins at step 402. At step 404, application 130 receives arequest to authorize a financial transaction. At step 406, application130 accesses authorization criteria 132 for determining whether toauthorize the financial transaction. Authorization criteria 132 may bestored in local memory 114 of wireless communications device 110, or maybe stored remote from wireless communications device 110, such as inmemory 144 of authorization module 140. At step 408, application 130applies the authorization criteria 132 to the financial transaction todetermine whether the financial transaction is authorized. At step 410,application 130 determines whether the financial transaction isauthorized. If the financial transaction is authorized, the method movesto step 412 and application 130 generates an approved authorizationcode, and the method moves to step 414 and application 130 communicatesthe approved authorization code to authorization module 140. If thefinancial transaction is not authorized, the method moves to step 416and application 130 generates an unapproved authorization codeindicating that application 130 was not able to authorize the financialtransaction, and the method moves to step 418 and application 130communicates the unapproved authorization code to authorization module140. In an embodiment, application 130 may not generate or communicateany authorization code if the financial transaction is not authorized.In certain embodiments, application 130 changes the approved and/orunapproved authorization codes based on the transaction. For example,application 130 may generate different codes for every transaction, fordifferent retailers, for different locations, or any other suitablecriteria. At step 420 the method ends.

Modifications, additions, or omissions may be made to method 400. Themethod may include more, fewer, or other steps. Additionally, steps maybe performed in any suitable order. Any suitable component of system 100may perform one or more steps of method 400.

Certain embodiments of the present disclosure may provide one or moretechnical advantages. In certain embodiments, application 130 may enableor disable data stripe 118 from communicating account data, change theaccount data communicated by data stripe 118, and/or generate anauthorization code for a financial transaction. A technical advantage ofan embodiment is that application 130 may require a passcode to beentered through a user interface of wireless communications device 110before enabling data stripe 118 to communicate account data to datastripe reader 160, before communicating account data to data stripe 118,and/or before generating an authorization code for a financialtransaction, thereby providing passcode security to financialtransactions. Another technical advantage is that application 130 maychange account data communicated by data stripe 118 and/or authorizationcodes for different transactions, thereby preventing entities from usingthe account data and/or authorization codes to make fraudulenttransactions. Yet another technical advantage is that application 130may receive criteria 132 for authorizing a financial transaction,thereby providing authorized account users and enterprises 120flexibility in implementing security measures.

Although the present disclosure has been described with severalembodiments, diverse changes, substitutions, variations, alterations,and modifications may be suggested to one skilled in the art, and it isintended that the disclosure encompass all such changes, substitutions,variations, alterations, and modifications as fall within the spirit andscope of the appended claims.

What is claimed is:
 1. A system for authorizing a financial transaction,comprising: an interface operable to: communicate wirelessly with a datastripe through a security enabled wireless communications protocol; andreceive a request to authorize a financial transaction involving afinancial account associated with account data; and a processor,communicatively coupled to the interface, executing an application on awireless communications device, operable to: receive a request toauthorize a financial transaction involving a financial accountassociated with account data; access authorization criteria fordetermining whether to authorize the financial transaction; apply theauthorization criteria to the financial transaction; and generate anauthorization code based on the application of the authorizationcriteria to the financial transaction, wherein the interface is operableto communicate the authorization code.
 2. The system of claim 1, whereinreceiving a request to authorize comprises receiving at least one fromthe set comprising: a first indicator that indicates a user of the datastripe wants to use the data stripe to execute a financial transaction;and a second indicator that indicates a financial transaction involvinga financial account associated with the data stripe is pending.
 3. Thesystem of claim 1, the processor further operable to request a passcodeto facilitate authorization of the financial transaction; and theinterface further operable to receive the passcode that facilitatesauthorization of the financial transaction, wherein the processor isoperable to authenticate the received passcode.
 4. The system of claim1, wherein the authorization criteria include at least one from the setcomprising: a maximum financial transaction amount, wherein thetransaction is authorized if a financial transaction amount is below themaximum financial transaction amount; one or more retailer identifiers,wherein the transaction is authorized if the financial transactioninvolves the one or more retailer identifiers; and one or morelocations, wherein the transaction is authorized if the financialtransaction occurs within the one or more locations.
 5. The system ofclaim 1, the processor further operable to enable the data stripe to beoperable to communicate account data to a data stripe reader. 10
 6. Thesystem of claim 1, the interface further operable to communicate adifferent authorization code for a different financial transaction. 7.The system of claim 1, the processor further operable to change the datacommunicated by the data stripe for a different financial transaction.8. The system of claim 1, wherein the authorization code is a selectedone of: an approved authorization code if the financial transaction isauthorized; and an unapproved authorization code if the financialtransaction is not authorized.
 9. The system of claim 1, wherein theauthorization criteria is established by at least one from the setcomprising: a financial institution associated with the financialaccount; and an authorized user of the financial account.
 10. Anon-transitory computer readable medium comprising logic for authorizinga financial transaction, the logic, when executed by a processor,operable to: communicate, by an application of a wireless communicationsdevice, wirelessly with a data stripe through a security enabledwireless communications protocol; receive, at the application, a requestto authorize a financial transaction involving a financial accountassociated with account data; access, by the application, authorizationcriteria to determine whether to authorize the financial transaction;apply, by the application, the authorization criteria to the financialtransaction; generate, by the application, an authorization code basedon the application of the authorization criteria to the financialtransaction; and communicate, from the application, the authorizationcode.
 11. The computer readable medium of claim 10, wherein receiving arequest to authorize comprises receiving at least one from the setcomprising: a first indicator that indicates a user of the data stripewants to use the data stripe to execute a financial transaction; and asecond indicator that indicates a financial transaction involving afinancial account associated with the data stripe is pending.
 12. Thecomputer readable medium of claim 10, the logic further operable to:request, by the application, a passcode to facilitate authorization ofthe financial transaction; receive, at the application, the passcodethat facilitates authorization of the financial transaction; andauthenticate, by the application, the received passcode.
 13. Thecomputer readable medium of claim 10, wherein the authorization criteriainclude at least one from the set comprising: a maximum financialtransaction amount, wherein the transaction is authorized if a financialtransaction amount is below the maximum financial transaction amount;one or more retailer identifiers, wherein the transaction is authorizedif the financial transaction involves the one or more retaileridentifiers; and one or more locations, wherein the transaction isauthorized if the financial transaction occurs within the one or morelocations.
 14. The computer readable medium of claim 10, the logicfurther operable to enable, by the application, the data stripe to beoperable to communicate account data to a data stripe reader.
 15. Thecomputer readable medium of claim 10, the logic further operable tocommunicate a different authorization code for a different financialtransaction.
 16. The computer readable medium of claim 10, the logicfurther operable to change the data communicated by the data stripe fora different financial transaction.
 17. The computer readable medium ofclaim 10, wherein the authorization code is a selected one of: anapproved authorization code if the financial transaction is authorizedby the application; and an unapproved authorization code if thefinancial transaction is not authorized by the application.
 18. Thecomputer readable medium of claim 10, wherein the authorization criteriais established by at least one from the set comprising: a financialinstitution associated with the financial account; and an authorizeduser of the financial account.
 19. A method for authorizing a financialtransaction, comprising: communicating, by an application executed by aprocessor of a wireless communications device, wirelessly with a datastripe through a security enabled wireless communications protocol;receiving a request to authorize a financial transaction involving afinancial account associated with account data; accessing authorizationcriteria to determine whether to authorize the financial transaction;applying, by the processor, the authorization criteria to the financialtransaction; generating, by the processor, an authorization code basedon the application of the authorization criteria to the financialtransaction; and communicating the authorization code.
 20. The method ofclaim 19, wherein receiving a request to authorize comprises receivingat least one from the set comprising: a first indicator that indicates auser of the data stripe wants to use the data stripe to execute afinancial transaction; and a second indicator that indicates a financialtransaction involving a financial account associated with the datastripe is pending.
 21. The method of claim 19, further comprising:requesting, by the application, a passcode to facilitate authorizationof the financial transaction; receiving, at the application, thepasscode that facilitates authorization of the financial transaction;and authenticating, by the application, the received passcode.
 22. Themethod of claim 19, wherein the authorization criteria include at leastone from the set comprising: a maximum financial transaction amount,wherein the transaction is authorized if a financial transaction amountis below the maximum financial transaction amount; one or more retaileridentifiers, wherein the transaction is authorized if the financialtransaction involves the one or more retailer identifiers; and one ormore locations, wherein the transaction is authorized if the financialtransaction occurs within the one or more locations.
 23. The method ofclaim 19, further comprising, enabling, by the application, the datastripe to be operable to communicate account data to a data stripereader.
 24. The method of claim 19, further comprising communicating adifferent authorization code for a different financial transaction. 25.The method of claim 19, further comprising changing the datacommunicated by the data stripe for a different financial transaction.26. The method of claim 19, wherein the authorization code is a selectedone of: an approved authorization code if the financial transaction isauthorized by the application; and an unapproved authorization code ifthe financial transaction is not authorized by the application.
 27. Themethod of claim 19, wherein the authorization criteria is established byat least one from the set comprising: a financial institution associatedwith the financial account; and an authorized user of the financialaccount.